South Carolina FHA Loan Rates, Closing Costs & Stats

South Carolina

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

South Carolina FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in South Carolina averaged -0.15% for the week of 2024-06-21, compared to the national average (all FHA variants) of 0% for the same period.

South Carolina's average FHA mortgage closing costs are $7,901.

The average rate for the prior week (2024-06-14) was 6.35% and one month ago for the week of 2024-05-17, the average rate was 6.59%.

The average rate one year ago was 6.48%.

For refis of the same type during the week of 2024-06-21, the average rate was 0.15%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

South Carolina FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the South Carolina level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 1,644 6.23% $10,855
DHI MORTGAGE COMPANY, LTD. 1,110 5.32% $8,179
UNITED WHOLESALE MORTGAGE, LLC 953 6.33% $12,214
MOVEMENT MORTGAGE, LLC 697 6.71% $11,417
GUILD MORTGAGE COMPANY 535 6.60% $10,584
LOANDEPOT.COM, LLC 502 6.16% $11,559
CROSSCOUNTRY MORTGAGE, LLC 465 6.81% $11,742
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 437 6.71% $10,419
NVR Mortgage Finance, Inc. 378 6.00% $11,929
EAGLE HOME MORTGAGE, LLC 368 6.04% $13,723
CARDINAL FINANCIAL 323 6.51% $13,094
PRIMELENDING, A PLAINSCAPITAL COMPANY 321 6.43% $12,175
FBC MORTGAGE, LLC 286 5.65% $9,150
Ameris Bank 281 6.42% $11,127
BROKER SOLUTIONS, INC. 262 6.54% $10,701
FREEDOM MORTGAGE CORPORATION 226 6.81% $12,749
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 191 6.55% $11,657
First Heritage Mortgage, LLC 183 6.54% $13,347
PENNYMAC LOAN SERVICES, LLC 178 6.04% $12,464
VANDERBILT MORTGAGE AND FINANCE, INC. 174 6.44% $11,102
AMERICAN PACIFIC MORTGAGE CORPORATION 171 6.40% $15,273
NEWREZ LLC 165 6.44% $10,525
Mr. Cooper ( Nationstar Mortgage ) 159 6.05% $13,822
CMG MORTGAGE, INC. 159 6.80% $11,535
Renasant Bank 143 6.31% $11,533
VELOCIO MORTGAGE L.L.C. 133 5.43% $12,803
INSPIRE HOME LOANS INC. 122 5.84% $8,964
AMERISAVE MORTGAGE CORPORATION 119 6.14% $13,296
Flagstar Bank, FSB 114 6.55% $9,496
GUARANTEED RATE, INC. 111 6.53% $11,162
RESOURCE FINANCIAL SERVICES, INC. 107 6.68% $9,549
UNION HOME MORTGAGE CORP. 105 6.89% $10,692
ON Q FINANCIAL, INC. 105 6.64% $9,344
ACOPIA, LLC 104 6.54% $11,700
ARK-LA-TEX FINANCIAL SERVICES, LLC. 100 6.57% $9,626
Carrington Mortgage Services, LLC 96 6.28% $12,314
TOWNE MORTGAGE COMPANY 92 6.46% $10,671
MUTUAL OF OMAHA MORTGAGE, INC. 91 6.70% $13,749
American Mortgage & Equity Consultants, Inc. 90 6.33% $12,631
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 86 6.66% $11,310
GUARANTEED RATE AFFINITY, LLC 85 6.75% $11,082
AMERICAN FINANCIAL NETWORK, INC. 84 7.00% $12,772
MIDLAND MORTGAGE CORPORATION 84 6.63% $9,393
THRIVE MORTGAGE, LLC 83 6.67% $10,822
Equity Prime Mortgage LLC 83 6.84% $11,722
First Federal Bank 78 6.29% $7,750
Gateway First Bank 73 6.57% $8,701
LAKEVIEW LOAN SERVICING, LLC 73 6.16% $12,890
INTERLINC MORTGAGE SERVICES, LLC 69 6.77% $8,683
PLAZA HOME MORTGAGE, INC. 69 6.52% $12,508
AMERICAN FINANCIAL RESOURCES, INC. 68 6.29% $11,936
CALCON MUTUAL MORTGAGE LLC 68 6.55% $13,876
South State Bank 67 6.43% $9,573
Paramount Residential Mortgage Group, Inc. 67 6.66% $11,586
Sierra Pacific Mortgage Company, Inc. 67 6.17% $11,324
Assurance Financial Group, L.L.C. 67 6.81% $9,850
SUN WEST MORTGAGE COMPANY, INC. 65 6.53% $10,878
GSF Mortgage Corporation 60 6.42% $11,349
First Palmetto Bank 60 6.68% $9,576
PRIMARY RESIDENTIAL MORTGAGE, INC. 59 6.63% $12,293
American Security Mortgage Corp. 59 6.36% $10,927
Nations Lending Corporation 57 6.61% $10,412
CAROLINA ONE MORTGAGE, LLC 55 6.60% $11,787
HOMESIDE FINANCIAL, LLC 54 6.97% $11,506
Regions Bank 52 6.14% $10,254
LOANPAL, LLC 52 5.90% $12,045
NTFN, INC. 51 6.46% $12,927
Plains Commerce Bank 50 6.45% $11,764
First-Citizens Bank & Trust Company 47 6.26% $9,361
RELIANCE FIRST CAPITAL, LLC 47 6.66% $12,367
T2 FINANCIAL LLC 45 6.81% $12,507
Princeton Mortgage Corporation 45 6.71% $12,101
HOMEOWNERS FINANCIAL GROUP USA, LLC 44 6.65% $11,629
First Community Bank 44 6.65% $10,859
Mortgage Research Center, LLC 44 6.65% $8,042
MID AMERICA MORTGAGE, INC. 44 7.12% $7,972
Magnolia Bank 44 6.51% $9,018
Truist 43 6.36% $10,696
Neighborhood Loans, Inc. 43 6.87% $11,044
PULTE MORTGAGE LLC 42 6.32% $8,091
Network Funding, L.P. 42 6.80% $10,226
Southern First Bank 42 6.58% $9,968
GENEVA FINANCIAL, LLC 41 6.72% $11,459
TOP FLITE FINANCIAL, INC. 41 6.95% $11,988
Atlantic Coast Mortgage, LLC 41 6.53% $13,978
Century Mortgage Company DBA Century Lending Company 40 6.06% $13,706
Alcova Mortgage LLC 39 6.98% $7,381
Prosperity Home Mortgage, LLC 37 6.32% $11,412
DELMAR FINANCIAL COMPANY 37 6.69% $10,639
HOMEBRIDGE FINANCIAL SERVICES, INC. 36 6.60% $11,759
SUMMIT FUNDING, INC. 35 6.44% $12,111
United Community Bank 35 6.23% $9,622
PLANET HOME LENDING, LLC 34 6.27% $11,065
DIRECT MORTGAGE LOANS, LLC 34 6.74% $13,278
EVERETT FINANCIAL, INC. 33 6.75% $11,563
AMERICAN FINANCING CORPORATION 32 6.44% $11,083
HOMESTAR FINANCIAL CORPORATION 32 6.85% $8,559
BAY EQUITY LLC 31 6.53% $12,270
JET HOMELOANS, LLC 31 6.74% $13,572
MICHIGAN MUTUAL, INC. 30 5.38% $16,289
Synovus Bank 30 6.40% $8,948
NFM, INC. 29 6.81% $12,290
Wells Fargo Bank 29 6.57% $8,208
Lakeview Community Capital, LLC 29 6.40% $11,916
LEGEND LENDING CORPORATION 28 6.61% $17,626
MILEND, INC. 25 6.44% $14,653
VILLAGE CAPITAL MORTGAGE 24 6.33% $11,262
US MORTGAGE CORPORATION 23 6.52% $13,279
TJC Mortgage, Inc. 23 6.71% $13,370
CORNERSTONE HOME LENDING, INC. 23 6.13% $10,615
ZILLOW HOME LOANS, LLC 23 6.44% $11,302
NATION ONE MORTGAGE CORPORATION 22 7.30% $15,764
SeaTrust Mortgage Company 22 6.66% $10,611
ACADEMY MORTGAGE CORPORATION 21 6.85% $10,816
Bank of America 20 6.26% $7,462
EMM LOANS LLC 20 6.03% $13,194
CHURCHILL MORTGAGE CORPORATION 20 6.11% $9,836
MATTAMY HOME FUNDING, LLC 20 5.61% $10,811
The Federal Savings Bank 19 6.47% $15,091
INTERCOASTAL MORTGAGE COMPANY 19 6.51% $9,673
Countybank 19 6.82% $9,547
CITY FIRST MORTGAGE SERVICES, L.L.C. 19 6.99% $11,915
MORTGAGE SOLUTIONS OF COLORADO, LLC 19 7.08% $11,526
BANKSOUTH MORTGAGE COMPANY, LLC 19 6.14% $12,377
Barrington Bank & Trust Company, N.A. 18 6.49% $9,497
First Reliance Bank 18 6.35% $8,486
NORWICH COMMERCIAL GROUP, INC. 18 6.58% $11,826
Trustmark National Bank 17 6.59% $8,733
TOTAL MORTGAGE SERVICES, LLC 17 6.69% $10,931
Northpointe Bank 17 6.22% $11,084
LEADERONE FINANCIAL CORPORATION 16 6.33% $12,225
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 16 6.44% $16,793
JPMorgan Chase Bank 15 6.61% $8,384
CRESCENT MORTGAGE COMPANY 15 6.51% $9,166
Towne Bank 15 6.18% $13,009
VERITAS FUNDING, LLC 14 6.63% $18,637
RAPID MORTGAGE COMPANY 14 6.62% $10,911
POLARIS HOME FUNDING CORP. 14 6.71% $12,420
TD Bank 14 6.28% $7,853
United Bank 14 6.00% $9,060
Blue Ridge Bank 13 6.29% $7,973
SWBC MORTGAGE CORPORATION 13 7.05% $6,001
CONTOUR MORTGAGE CORPORATION 13 6.53% $16,558
HOWARD HANNA FINANCIAL SERVICES, INC. 12 6.99% $10,203
1ST SIGNATURE LENDING, LLC 12 6.94% $13,672
LIBERTY HOME MORTGAGE CORPORATION 12 7.10% $17,410
OCMBC, INC. 11 6.99% $11,461
NBKC BANK 11 6.11% $9,645
NATIONS DIRECT MORTGAGE, LLC 11 6.67% $12,469
M&T Bank 11 6.66% $9,663
PHH Mortgage Corporation 11 6.49% $10,921
MORTGAGE EQUITY PARTNERS LLC 11 6.37% $14,249
Waterstone Mortgage Corporation 11 6.69% $13,194
Fifth Third Bank 11 6.56% $9,684
SOUTHWEST STAGE FUNDING, LLC 10 7.35% $7,880
Security Federal Bank 10 6.09% $11,904
FIRST ALLIANCE HOME MORTGAGE, LLC 10 6.63% $15,626
ABSOLUTE HOME MORTGAGE CORPORATION 9 6.85% $16,618
FIRST COMMUNITY MORTGAGE, INC. 9 6.67% $12,354
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 9 7.07% $12,469
FIRST CHOICE MORTGAGE, INC. 9 6.89% $10,057
TBI MORTGAGE COMPANY 9 5.72% $15,527
NATIONWIDE MORTGAGE BANKERS, INC. 8 6.50% $12,308
AmeriHome Mortgage Company, LLC 8 6.11% $11,656
SOUTHPOINT FINANCIAL SERVICES, INC. 8 7.03% $5,949
GARDNER FINANCIAL SERVICES, LTD. 8 7.14% $14,349
RUOFF MORTGAGE COMPANY, INC. 8 5.98% $9,269
Queensborough National Bank & Trust Company 8 6.45% $10,630
Bank of England 8 6.50% $11,032
CALIBER HOME LOANS, INC. 7 6.68% $10,043
ALLIED MORTGAGE GROUP, INC. 7 6.45% $10,361
PENTAGON FEDERAL CREDIT UNION 7 5.73% $9,047
STOCKTON MORTGAGE CORPORATION 7 6.86% $12,094
NEW FED MORTGAGE, CORP. 6 6.98% $11,523
EQUITY RESOURCES, INC. 6 6.54% $10,231
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 6 6.89% $13,284
MORTGAGE INVESTORS GROUP, INC. 6 6.73% $9,437
PREMIER LENDING, INC. 6 7.02% $12,894
The Bank of South Carolina 6 6.31% $9,488
TruHome Solutions, LLC 6 6.85% $9,534
PREMIA MORTGAGE, LLC 5 6.25% $9,723
NEW DAY FINANCIAL, LLC 5 7.45% $10,495
George Mason Mortgage, LLC 5 6.12% $11,287
Mortgage Assurance Inc. 5 6.42% $10,296
SRP Federal Credit Union 5 6.10% $9,515
Citizens Bank 5 6.53% $11,853
U.S. Bank 5 6.70% $11,222
EMBRACE HOME LOANS, INC. 5 6.15% $11,164
LADERA LENDING, INC. 5 6.43% $13,586
TIDEWATER MORTGAGE SERVICES, INC. 4 6.22% $10,681
The Central Trust Bank 4 6.03% $10,835
DAS Acquisition Company, LLC 4 6.84% $8,486
BAYSHORE MORTGAGE FUNDING, LLC 4 6.78% $11,671
Presidential Bank, FSB 4 6.78% $11,861
AUGUSTA MORTGAGE CO. 4 6.25% $10,377
SOUTHEAST MORTGAGE OF GEORGIA, INC. 4 6.81% $12,420
SENTE MORTGAGE, INC. 4 6.50% $16,463
Evolve Bank & Trust 4 6.75% $13,692
Colony Bank 4 6.25% $11,535
FIRST HOME MORTGAGE CORPORATION 4 6.34% $13,607
GMFS LLC 4 6.34% $9,721
ROYAL UNITED MORTGAGE LLC 4 7.25% $7,384
Uwharrie Bank 4 6.69% $13,162
BETTER MORTGAGE CORPORATION 4 6.38% $10,161
Meridian Bank Corporation 4 6.78% $11,110
HOMESTEAD FUNDING CORP. 3 6.46% $7,364
MLB RESIDENTIAL LENDING, LLC 3 6.21% $11,454
JMAC LENDING, INC. 3 5.54% $14,636
Ixonia Bank 3 6.75% $14,107
GUARANTY HOME MORTGAGE CORPORATION 3 6.88% $11,034
NETWORK CAPITAL FUNDING CORPORATION 3 6.13% $8,569
OPEN MORTGAGE, LLC 3 7.08% $13,693
Palmetto Citizens Federal Credit Union 3 6.42% $9,824
Pinnacle Bank 3 6.00% $12,562
Platinum Home Mortgage Corporation 3 6.58% $12,886
PNC Bank 3 6.54% $6,944
PREMIER MORTGAGE RESOURCES, L.L.C. 3 7.38% $14,934
Encompass Lending Group, LP 3 6.88% $10,929
COMPASS MORTGAGE, INC. 3 6.67% $7,692
Residential Mortgage Solutions, Inc. 3 6.71% $15,078
Servion, Inc. 3 6.04% $9,704
Shamrock Home Loans, Inc. 3 6.04% $9,858
SOUTHERN TRUST MORTGAGE, LLC 3 6.58% $13,464
CBM Mortgage, Inc. 3 5.88% $17,802
CAPITAL CENTER, L.L.C. 3 6.50% $6,356
Capital Bank 3 6.71% $10,368
The Loan Store, Inc. 3 6.67% $17,996
Advisors Mortgage Group, L.L.C. 3 6.79% $14,019
BancorpSouth 3 6.00% $11,662
Truliant Federal Credit Union 3 5.88% $10,595
VAN DYK MORTGAGE CORPORATION 3 6.83% $13,544
AMCAP MORTGAGE, LTD. 3 7.13% $13,858
MDE Home Loans, LLC 3 5.83% $14,782
Allen Tate Mortgage Partners, LLC 2 6.06% $9,583
Armed Forces Bank 2 5.69% $13,656
Loan Simple, Inc. 2 7.38% $13,491
Sandy Spring Bank 2 6.06% $9,950
CASTLE & COOKE MORTGAGE, LLC 2 6.44% $11,366
Capital City Home Loans, LLC 2 6.50% $9,330
NEXERA HOLDING LLC 2 5.38% $3,208
Victorian Finance, LLC 2 6.94% $10,973
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 2 5.69% $14,426
KELLER MORTGAGE, LLC 2 5.38% $10,595
NATIONS RELIABLE LENDING, LLC 2 6.19% $16,837
Willamette Valley Bank 2 6.75% $9,405
HALLMARK HOME MORTGAGE, LLC 2 7.00% $14,965
SECURITYNATIONAL MORTGAGE COMPANY 2 6.50% $14,859
First Option Mortgage, LLC 2 6.50% $8,849
CHERRY CREEK MORTGAGE, LLC 2 6.69% $2,820
SOVEREIGN LENDING GROUP INCORPORATED 2 6.63% $13,817
FIRST INTEGRITY MORTGAGE SERVICES, INC. 2 7.44% $3,329
ENVOY MORTGAGE, LTD 2 6.50% $12,346
BNC National Bank 2 5.44% $10,434
Keystone Funding, Inc. 2 6.25% $13,309
MEMBER FIRST MORTGAGE, LLC 2 6.94% $7,522
BECKAM FUNDING CORP. 2 7.56% $14,090
1ST 2ND MORTGAGE COMPANY OF N.J., INC. 2 6.44% $8,028
GoPrime Mortgage, Inc. 2 6.81% $12,266
Hometown Equity Mortgage, LLC 2 6.56% $16,209
FIRST COLONY MORTGAGE CORPORATION 2 7.00% $10,028
SUCCESS MORTGAGE PARTNERS, INC. 2 6.56% $8,597
INTERCAP LENDING INC. 1 7.50% $8,131
ServisFirst Bank 1 6.63% $9,168
Vellum Mortgage, Inc. 1 6.63% $8,915
CityWorth Mortgage LLC 1 6.13% $15,987
INTERNATIONAL CITY MORTGAGE, INC. 1 6.13% $14,824
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 6.50% $13,547
CIS Financial Services, Inc. 1 7.13% $10,951
CIBM Bank 1 6.63% $10,965
Mortgage Lenders Investment Trading Corporation 1 7.25% $11,449
C & F Mortgage Corporation 1 6.63% $8,831
Stride Bank 1 6.75% $10,798
Strong Home Mortgage, LLC 1 5.63% $10,764
CERTAINTY HOME LOANS, LLC 1 6.50% $10,657
AMERICAN HERITAGE FCU 1 5.49% $9,419
BOND STREET MORTGAGE, LLC 1 7.12% $10,748
Wyndham Capital Mortgage, Inc. 1 6.63% $9,876
BOKF 1 6.63% $12,544
The Freedom Bank of Virginia 1 6.25% $13,492
V.I.P. MORTGAGE, INC. 1 5.99% $17,301
The Park National Bank 1 7.00% $9,049
The Union Bank Company 1 6.75% $17,706
MLD MORTGAGE INC. 1 6.75% $13,242
BAY-VALLEY MORTGAGE GROUP 1 7.63% $11,068
LAND HOME FINANCIAL SERVICES, INC. 1 7.00% $23,511
BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 6.25% $11,134
ALAMEDA MORTGAGE CORPORATION 1 6.75% $12,742
Axos Bank 1 5.63% $12,718
AXIA FINANCIAL, LLC 1 7.13% $16,461
MID-ISLAND MORTGAGE CORP. 1 5.63% $20,508
NexBank 1 6.63% $8,784
NJ LENDERS CORP. 1 6.75% $10,411
NMSI, INC. 1 6.63% $17,822
Fulton Bank 1 6.63% $9,318
NORTHPOINT MORTGAGE, INC. 1 5.50% $12,756
First Savings Bank 1 5.75% $25,865
NP, Inc. 1 6.12% $8,722
First National Bank of Pennsylvania 1 6.38% $10,487
OCEANSIDE MORTGAGE COMPANY 1 5.50% $7,177
First Horizon Bank 1 6.13% $9,321
Atlantic Union Bank 1 6.25% $15,188
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.63% $8,362
United Fidelity Funding Corp. 1 6.63% $15,014
Paramount Bank 1 7.00% $10,463
FIRST HERITAGE FINANCIAL, LLC 1 5.63% $10,078
First Financial Bank 1 6.63% $9,449
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 6.63% $17,910
PIKE CREEK MORTGAGE SERVICES, INC. 1 6.63% $13,850
FIRST CENTENNIAL MORTGAGE CORPORATION 1 6.63% $12,352
First Bank 1 7.12% $8,483
Arvest Bank 1 7.00% $7,359
Goldwater Bank, N.A. 1 6.63% $9,674
Univest Bank and Trust Co. 1 6.38% $6,421
POINT Mortgage 1 5.63% $15,873
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.13% $9,279
Wolfe Financial, Inc 1 5.75% $15,088
LENOX FINANCIAL MORTGAGE CORPORATION 1 5.63% $9,364
Premium Mortgage Corporation 1 7.75% $13,764
ENCORE BANK 1 6.62% $9,684
DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $9,196
DEVELOPER'S MORTGAGE COMPANY 1 6.88% $9,360
DATA MORTGAGE, INC. 1 7.00% $11,063
RADIUS FINANCIAL GROUP INC. 1 6.63% $17,071
HARTFORD FUNDING, LTD. 1 6.38% $18,799
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 5.75% $10,877
Cornerstone First Mortgage, Inc 1 5.13% $20,119
LOANLEADERS OF AMERICA, INC. 1 5.50% $13,798
RESIDENTIAL BANCORP 1 6.49% $13,382
RESIDENTIAL HOME FUNDING CORP. 1 7.13% $8,125
AmRes Corporation 1 7.49% $9,040
Commerce Home Mortgage, Inc. 1 6.88% $10,668
ROSS MORTGAGE CORPORATION 1 7.75% $9,878
Independent Bank 1 7.25% $10,596
Colonial Savings, F.A. 1 6.88% $17,758
CLIFFCO, INC. 1 7.13% $7,650

The top South Carolina FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,644 FHA loans originated. Their average total fees are $10,855, which is $2,675 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee South Carolina FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($6,001), Alcova Mortgage LLC ($7,381), Bank of America ($7,462), First Federal Bank ($7,750) and TD Bank ($7,853).

The lowest rate South Carolina FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.32%), MICHIGAN MUTUAL, INC. (5.38%), VELOCIO MORTGAGE L.L.C. (5.43%), MATTAMY HOME FUNDING, LLC (5.61%) and FBC MORTGAGE, LLC (5.65%).

South Carolina FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
NON-METRO ABBEVILLE 2022 $420,680 $538,650 $651,050 $809,150
AUGUSTA-RICHMOND COUNTY, GA-SC AIKEN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ALLENDALE 2022 $420,680 $538,650 $651,050 $809,150
GREENVILLE-ANDERSON, SC ANDERSON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BAMBERG 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BARNWELL 2022 $420,680 $538,650 $651,050 $809,150
HILTON HEAD ISLAND-BLUFFTON, SC BEAUFORT 2022 $420,680 $538,650 $651,050 $809,150
CHARLESTON-NORTH CHARLESTON, SC BERKELEY 2022 $473,800 $606,550 $733,150 $911,150
COLUMBIA, SC CALHOUN 2022 $420,680 $538,650 $651,050 $809,150
CHARLESTON-NORTH CHARLESTON, SC CHARLESTON 2022 $473,800 $606,550 $733,150 $911,150
GAFFNEY, SC CHEROKEE 2022 $420,680 $538,650 $651,050 $809,150
CHARLOTTE-CONCORD-GASTONIA, NC-SC CHESTER 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CHESTERFIELD 2022 $420,680 $538,650 $651,050 $809,150
SUMTER, SC CLARENDON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO COLLETON 2022 $420,680 $538,650 $651,050 $809,150
FLORENCE, SC DARLINGTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO DILLON 2022 $420,680 $538,650 $651,050 $809,150
CHARLESTON-NORTH CHARLESTON, SC DORCHESTER 2022 $473,800 $606,550 $733,150 $911,150
AUGUSTA-RICHMOND COUNTY, GA-SC EDGEFIELD 2022 $420,680 $538,650 $651,050 $809,150
COLUMBIA, SC FAIRFIELD 2022 $420,680 $538,650 $651,050 $809,150
FLORENCE, SC FLORENCE 2022 $420,680 $538,650 $651,050 $809,150
GEORGETOWN, SC GEORGETOWN 2022 $420,680 $538,650 $651,050 $809,150
GREENVILLE-ANDERSON, SC GREENVILLE 2022 $420,680 $538,650 $651,050 $809,150
GREENWOOD, SC GREENWOOD 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO HAMPTON 2022 $420,680 $538,650 $651,050 $809,150
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC HORRY 2022 $420,680 $538,650 $651,050 $809,150
HILTON HEAD ISLAND-BLUFFTON, SC JASPER 2022 $420,680 $538,650 $651,050 $809,150
COLUMBIA, SC KERSHAW 2022 $420,680 $538,650 $651,050 $809,150
CHARLOTTE-CONCORD-GASTONIA, NC-SC LANCASTER 2022 $420,680 $538,650 $651,050 $809,150
GREENVILLE-ANDERSON, SC LAURENS 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO LEE 2022 $420,680 $538,650 $651,050 $809,150
COLUMBIA, SC LEXINGTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MCCORMICK 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MARION 2022 $420,680 $538,650 $651,050 $809,150
BENNETTSVILLE, SC MARLBORO 2022 $420,680 $538,650 $651,050 $809,150
NEWBERRY, SC NEWBERRY 2022 $420,680 $538,650 $651,050 $809,150
SENECA, SC OCONEE 2022 $420,680 $538,650 $651,050 $809,150
ORANGEBURG, SC ORANGEBURG 2022 $420,680 $538,650 $651,050 $809,150
GREENVILLE-ANDERSON, SC PICKENS 2022 $420,680 $538,650 $651,050 $809,150
COLUMBIA, SC RICHLAND 2022 $420,680 $538,650 $651,050 $809,150
COLUMBIA, SC SALUDA 2022 $420,680 $538,650 $651,050 $809,150
SPARTANBURG, SC SPARTANBURG 2022 $420,680 $538,650 $651,050 $809,150
SUMTER, SC SUMTER 2022 $420,680 $538,650 $651,050 $809,150
UNION, SC UNION 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO WILLIAMSBURG 2022 $420,680 $538,650 $651,050 $809,150
CHARLOTTE-CONCORD-GASTONIA, NC-SC YORK 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ABBEVILLE 2023 $472,030 $604,400 $730,525 $907,900
AUGUSTA-RICHMOND COUNTY, GA-SC AIKEN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO ALLENDALE 2023 $472,030 $604,400 $730,525 $907,900
GREENVILLE-ANDERSON, SC ANDERSON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BAMBERG 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BARNWELL 2023 $472,030 $604,400 $730,525 $907,900
HILTON HEAD ISLAND-BLUFFTON, SC BEAUFORT 2023 $485,300 $621,250 $750,950 $933,300
CHARLESTON-NORTH CHARLESTON, SC BERKELEY 2023 $538,200 $689,000 $832,850 $1,035,000
COLUMBIA, SC CALHOUN 2023 $472,030 $604,400 $730,525 $907,900
CHARLESTON-NORTH CHARLESTON, SC CHARLESTON 2023 $538,200 $689,000 $832,850 $1,035,000
GAFFNEY, SC CHEROKEE 2023 $472,030 $604,400 $730,525 $907,900
CHARLOTTE-CONCORD-GASTONIA, NC-SC CHESTER 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CHESTERFIELD 2023 $472,030 $604,400 $730,525 $907,900
SUMTER, SC CLARENDON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO COLLETON 2023 $472,030 $604,400 $730,525 $907,900
FLORENCE, SC DARLINGTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO DILLON 2023 $472,030 $604,400 $730,525 $907,900
CHARLESTON-NORTH CHARLESTON, SC DORCHESTER 2023 $538,200 $689,000 $832,850 $1,035,000
AUGUSTA-RICHMOND COUNTY, GA-SC EDGEFIELD 2023 $472,030 $604,400 $730,525 $907,900
COLUMBIA, SC FAIRFIELD 2023 $472,030 $604,400 $730,525 $907,900
FLORENCE, SC FLORENCE 2023 $472,030 $604,400 $730,525 $907,900
GEORGETOWN, SC GEORGETOWN 2023 $472,030 $604,400 $730,525 $907,900
GREENVILLE-ANDERSON, SC GREENVILLE 2023 $472,030 $604,400 $730,525 $907,900
GREENWOOD, SC GREENWOOD 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO HAMPTON 2023 $472,030 $604,400 $730,525 $907,900
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC HORRY 2023 $472,030 $604,400 $730,525 $907,900
HILTON HEAD ISLAND-BLUFFTON, SC JASPER 2023 $485,300 $621,250 $750,950 $933,300
COLUMBIA, SC KERSHAW 2023 $472,030 $604,400 $730,525 $907,900
CHARLOTTE-CONCORD-GASTONIA, NC-SC LANCASTER 2023 $472,030 $604,400 $730,525 $907,900
GREENVILLE-ANDERSON, SC LAURENS 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO LEE 2023 $472,030 $604,400 $730,525 $907,900
COLUMBIA, SC LEXINGTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MCCORMICK 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MARION 2023 $472,030 $604,400 $730,525 $907,900
BENNETTSVILLE, SC MARLBORO 2023 $472,030 $604,400 $730,525 $907,900
NEWBERRY, SC NEWBERRY 2023 $472,030 $604,400 $730,525 $907,900
SENECA, SC OCONEE 2023 $472,030 $604,400 $730,525 $907,900
ORANGEBURG, SC ORANGEBURG 2023 $472,030 $604,400 $730,525 $907,900
GREENVILLE-ANDERSON, SC PICKENS 2023 $472,030 $604,400 $730,525 $907,900
COLUMBIA, SC RICHLAND 2023 $472,030 $604,400 $730,525 $907,900
COLUMBIA, SC SALUDA 2023 $472,030 $604,400 $730,525 $907,900
SPARTANBURG, SC SPARTANBURG 2023 $472,030 $604,400 $730,525 $907,900
SUMTER, SC SUMTER 2023 $472,030 $604,400 $730,525 $907,900
UNION, SC UNION 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO WILLIAMSBURG 2023 $472,030 $604,400 $730,525 $907,900
CHARLOTTE-CONCORD-GASTONIA, NC-SC YORK 2023 $472,030 $604,400 $730,525 $907,900

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).